Case studies

Elex Works With Moloco DSP to Acquire High Quality Users, Achieve IAP ROAS Over 200% Above Goal


Ad impressions
served monthly


Ad impressions
served monthly


Ad impressions
served monthly

September 29, 2022

As part of their effort to acquire high-quality users for their leading mobile apps, Elex began working with Moloco in 2021. The partnership has been extremely fruitful, with Elex seeing a return on ad spend (ROAS) over 200% in some top geos.

About Elex

Elex is one of the world’s premier mobile gaming app companies. Founded in 2008 and headquartered in China, Elex’s apps have more than 100 million users. Some of their most popular titles include The Walking Dead: Survivors, Clash of Kings and Age of Warring Empire.

About the Partnership

Beginning in July 2021, Elex began working with Moloco to acquire new, high quality users for the game The Walking Dead: Survivors in the US. They were especially focused on acquiring high-quality users that would make in-app purchases (IAP), and they monitored success by looking at IAP ROAS.

After starting in the US, the partnership eventually expanded to the UK and Korea. Now, Elex works with Moloco to acquire iOS and Android users across 36 key geographic markets and countries.


Moloco’s approach to user acquisition (UA) differs from what other demand-side platforms (DSPs) offer in that Moloco uses proprietary machine learning models utilizing deep neural networks. Instead of using pre-built audience segments, Moloco’s ML is designed to find individuals with the highest propensity to both download the app and become a high-value app user down the road. As a result, Moloco is well-suited to helping app-first businesses achieve high ROAS at scale and over time.


Overall, Elex has seen especially strong results and growth from Moloco. In fact, Moloco is now one of their top UA partners.

In Q3 2022 in the US, ROAS was 144% above their goal on iOS and 149% above the goal on Android. And, over 30% of acquired users made in-app payments within seven days of downloading the app. 

Elex saw similar results with Moloco in Western Europe. In Q3 in Western Europe specifically, ROAS was 133% over goal on iOS and 208% over goal on Android.

Creative Results

The campaigns have also yielded key insights for Elex’s creative strategy. In the US, native ads on Android yielded a ROAS 60% higher than their goal, while native ads on iOS exceeded their ROAS goal by more than 58%.

On Android specifically in Korea, native ads on the Samsung Exchange hit over 183% of the client goal, and helped to decrease campaign costs by more than 3%.

Creative Results From Elex Working With Moloco
Native Ads Example

“Partnering with Moloco has been one of the best moves we could have made for UA. They continually meet or exceed our ROAS targets across a wide variety of geos. The quality of their ML is on par with the biggest names in the industry, and we are excited to continue our relationship with them.” – Elex




Beijing, China



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